The Acquisition Process

ClozeSure is ready to step in and buy the seller’s property for 90% of its Agreed Sale Price—as soon as the Buyer forfeits the sale and their 10% deposit. If the sale is part of a chain, the chain can be protected. If the seller has made another financial commitment that’s dependent on the sale going through, they can keep their plans intact.

Our aim is to complete our conveyancing process in the 10 working days after the original completion date. To help us meet this goal, it’s good for sellers and conveyancers to understand how the process works, and what they need to do.

Step 1

Buyer makes an offer on seller’s property. Offer is accepted and sale timetable agreed.

Step 2

Both sides instruct solicitors/conveyancers. Searches are applied for by buyer’s conveyancer.

Step 3

Buyer’s property survey is carried out. Buyer’s mortgage offer is issued (if applicable).

Step 4

Buyer’s conveyancer concludes their due dilligence. Buyer’s conveyancer holds 10% of purchase price as a deposit from buyer. Both parties' conveyancers are ready to exchange contracts.

Step 5

ClozeSure applied for by the seller, their estate agent or conveyancer. ClozeSure validates the sales price and, for a small one-off fee, issues our guaranteed offer (in a Guarantee Option Agreement) for confirmation by the seller.

Step 6: Exchange of Contracts

Exchange of contracts and payment of 10% deposit takes place and completion date is fixed. Seller confirms sales price, deposit amount and completion date with ClozeSure. At this point, ClozeSure comes into force, and the Guarantee Option Agreement is made legally binding. You should let the buyer's conveyancer know about the ClozeSure Guarantee Option Agreement at this point.

Step 7

The seller can now make plans for the future, confident that they have effectively completed the sale of their property

Step 8: Completion Day

If the Buyer fails to complete on Completion Day, the seller’s conveyancer sends the buyer’s conveyancer a valid Notice to Complete, giving the buyer working 10 days to complete their purchase.

If the seller is in a chain and plans to purchase another property with the proceeds of this sale, they should make sure their Notice to Complete is sent to their Buyer BEFORE they receive a Notice to Complete from their onward seller’s conveyancer.

At this point, or earlier, the seller informs ClozeSure that the buyer has not completed on the Completion Date, either; triggering ClozeSure, or requesting an extension (max 2 weeks), or choosing not to trigger ClozeSure and instead retaining or remarketing the property.

Step 9

ClozeSure’s conveyancers commence their own due dilligence in respect of the property.

Step 10: Acquisition Day

By day 10, if the buyer has failed to meet the deadline in their Notice to Complete, they forfeit their 10% deposit in the seller’s favour and the sale contract with the buyer is terminated. Thereafter, ClozeSure completes our purchase of the property for 90% of the agreed sale price.

This means the seller has 100% of their agreed sales price, and—mitigating the risk to their own deposit on any onward purchase—can complete successfully or simply get on with future plans.

The Acquisition Process

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